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					</table><p>China-based photovoltaic module manufacturer <a href="https://www.das-solar.com/en" target="_blank" rel="noopener">DAS Solar</a> plans to raise up to RMB 2.5 billion (~$350 million) by issuing up to 58,789,573 shares through an initial public offering (IPO) at RMB 1 (~$0.140) per share.</p>
<p>The proportion of total equity after the offering is not expected to be less than 10%.</p>
<p>According to the released prospectus accepted by the <a href="https://www.szse.cn/English/" target="_blank" rel="noopener">Shenzhen Stock Exchange</a>, DAS Solar is set to invest approximately RMB 5.813 billion ($811.18 million) in proposed projects. The cornerstone of these initiatives involves the construction of a 14 GW N-type TOPCon high-efficiency monocrystalline solar cell manufacturing facility.</p>
<p>The company also plans to develop a 20 GW high-efficiency monocrystalline solar module manufacturing facility.</p>
<p>A significant portion of the investment, approximately RMB 2.5 billion ($349.65 million), is earmarked for capital injection into these projects.</p>
<p>DAS Solar reported a revenue of RMB736 million ($102.92 million) in 2020, which increased to RMB1.894 billion ($264.58 million) in 2021.</p>
<p>The revenue reached RMB8.606 billion ($1.201 billion). The first half of 2023 saw a continuation of this upward trend, with revenues reaching RMB9.454 billion ($1.319 billion).</p>
<p>In December of 2023, DAS Solar revealed that the open-circuit voltage for its high-efficiency n-type TOPCon cells reached 735 millivolts.</p>
<p>In 2022, JinkoSolar Holding Co’s principal operating subsidiary, Jinko Solar (Jiangxi Jinko), <a href="https://www.mercomindia.com/daily-news-wrap-up-jinko-solar-ipo-shanghai-stock-exchange" target="_blank" rel="noopener">completed</a> its IPO process and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board. Jiangxi Jinko has issued 2 billion shares, representing approximately 20% of the total 10 billion shares outstanding after the IPO. After the IPO, JinkoSolar owns 58.62% of Jiangxi Jinko.</p>
<p>Recently, the China Securities Regulatory Commission <a href="https://www.mercomindia.com/china-securities-commission-approves-canadian-solars-ipo" target="_blank" rel="noopener">approved</a> the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker Canadian Solar, to issue an IPO. The company’s CEO Shawn Qu, said CSI expects the completion of the IPO by the second quarter of the current financial year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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China-Based DAS Solar to Raise ~$350 Million via Initial Public Offering

<p>Ginlong (Solis) Technologies, a manufacturer of solar PV string inverters, has been listed as a public company on the Shenzhen Stock Exchange, the company announced in a press statement. According to the company, it is the first string inverter company to be listed on the Shenzhen Stock Exchange.</p>
<p>Its stock value has been placed at 4 billion Yuan (~$590 million).</p>
<p>In its initial public offering (IPO), the company floated 20 million shares at 26.64 yuan (~$3.96) and raised 533 million yuan (~$ 79.27 million). The post-public-offering share capital of Solis is 80 million yuan (~$ 11.90 million).</p>
<p>The company was founded in 2005. In 2018, its operating income stood at 831 million yuan (~$123.59 million), and net profit was 118.064 million yuan (~$ 17.56 million).</p>
<p><a href="https://mercomindia.com/sindicatum-renewables-green-bonds-london/">In November 2018</a>, <a href="http://www.sindicatum.com/" target="_blank" rel="noopener">Sindicatum Renewable Energy Company Pte Ltd</a> (Sindicatum), a developer and operator of clean energy projects in Asia, listed its three guaranteed Indian Rupee (₹) and Philippine Peso (PHP) green bonds on London Stock Exchange’s International Securities Market.</p>
<p>This is a positive development for the company when IPOs have been few and far between in the solar industry. Since 2017, several Chinese companies trading in the U.S. have turned private according to <em><a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">Mercom Solar Funding and M&amp;A reports</a></em>.</p>
<p>According to the company, its top ten customers are mostly from Asia, Europe, America, Oceania, and other regions.</p>
<p><a href="https://mercomindia.com/india-solar-market-2018-behind-china-us/" target="_blank" rel="noopener">Recently</a>, Mercom reported that India was the third largest solar market behind China and the United States with 8.3 GW of solar PV capacity installed in 2018. Japan and Germany were the fourth and fifth largest solar markets in the world.</p>
<p>China <a href="https://mercomindia.com/china-installs-44-gw-solar-capacity-cy-2018/" target="_blank" rel="noopener">added</a> 44.3 GW of solar PV capacity, more than five times that of India during the year, according to data released by the country’s National Energy Administration.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nitin/" class="vcard author" rel="author"><span class="fn">Nitin Kabeer</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.com/wp-content/uploads/2018/04/nitin-2.png" alt="" width="99" height="105" /><span style="font-family: Calibri"><span style="color: #000000"><span>Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism &amp; Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. <a href="https://mercomindia.com/author/nitin/">More articles from Nitin Kabeer</a></span></span></span></p>
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Solar Inverter Company Ginlong Solis Floats 20 Million Shares in IPO Raising $79 Million

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